RBC Lifts Imperial Oil (IMO) Price Target to C$118, Maintains Sector Perform

Core Viewpoint - RBC Capital has raised the price target for Imperial Oil Limited (IMO) to C$118 from C$117 while maintaining a Sector Perform rating [1] Financial Performance - Imperial Oil reported revenue of C$12.05 billion, a decrease of over 9% compared to the previous year [3] - Cash flow from operating activities increased to C$1.798 billion, up from C$1.487 billion in Q3 2024 [3] - The company achieved an average production of 316,000 barrels per day, marking its highest quarterly production in the asset's history [3] Operational Highlights - The company announced a restructuring aimed at enhancing cash flow and delivering strong shareholder returns [2] - Downstream performance was strong, with refinery capacity utilization reaching 98% [2] - The new Leming SAGD development at Cold Lake is nearing its first output [3] Company Overview - Imperial Oil Limited is a Canadian integrated energy company involved in upstream oil and natural gas production as well as downstream refining and petroleum product marketing [4]